* Industry diversification based on Moody's industry classification. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.
A balanced portfolio built on the cornerstones of diversification and selectivity
Anchored in senior secured loans, NCDL has built a scaled and diversified portfolio by industry, investment type and portfolio company. Selectivity, diversification and rigorous underwriting are key to our investment philosophy, enabling strong credit performance since inception.
Portfolio holdings
Top ten positions
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2024
Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
---|---|---|---|---|
The Facilities Group (Delayed Draw) | 123,635 | Environmental Industries | First Lien Term Loan | S + 5.75% |
Action Behavior Centers | 15,529,106 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
SI Solutions (Delayed Draw) | -53,658 | Environmental Industries | First Lien Term Loan | S + 4.75% |
SI Solutions | 11,788,198 | Environmental Industries | First Lien Term Loan | S + 4.75% |
Leo Facilities | 8,374,551 | Environmental Industries | First Lien Term Loan | S + 5.50% |
Impact Environmental Group | 1,722,633 | Environmental Industries | First Lien Term Loan | S + 5.00% |
Leo Facilities (Delayed Draw) | 4,661,192 | Environmental Industries | First Lien Term Loan | S + 5.50% |
Leo Facilities | 1,571,871 | Environmental Industries | First Lien Term Loan | S + 5.50% |
Leo Facilities (Delayed Draw) | -176,144 | Environmental Industries | First Lien Term Loan | S + 5.50% |
Action Behavior Centers (Delayed Draw) | -26,154 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.25% |
Affinity Hospice | 6,881,011 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.75% |
EyeSouth | 7,275,249 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.50% |
Coding Solutions Acquisition Inc. | 299,705 | Healthcare & Pharmaceuticals | Revolving Loan | S + 5.00% |
EyeSouth (Delayed Draw) | 1,499,678 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.50% |
Forefront Dermatology | 3,143,105 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 4.25% |
Genesee Scientific LLC | 5,328,918 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.75% |
Coding Solutions Acquisition Inc. (Delayed Draw) | -20,582 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
Coding Solutions Acquisition Inc. | 11,881,162 | Healthcare & Pharmaceuticals | First Lien Term Loan | S + 5.00% |
Anne Arundel | 745,581 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
Anne Arundel | 539,839 | Healthcare & Pharmaceuticals | Subordinated Debt | 12.75% (PIK) |
Anne Arundel | - | Healthcare & Pharmaceuticals | Equity Investment | |
Anne Arundel | 516,000 | Healthcare & Pharmaceuticals | First Lien Term Loan | 4.71% (PIK) |
Anne Arundel (Delayed Draw) | 539,157 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.25% (PIK) |
Heartland Paving Partners (Delayed Draw) | -54,429 | Construction & Building | First Lien Term Loan | S + 5.00% |
Gannett Fleming | -31,331 | Construction & Building | Revolving Loan | S + 4.50% |
RSC Acquisition Inc (Delayed Draw) | 9,719,964 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 4.75% |
Patriot Growth (Delayed Draw) | 7,039,510 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
Vensure | 2,545,647 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
Vensure (Delayed Draw) | -6,991 | Banking, Finance, Insurance & Real Estate | First Lien Term Loan | S + 5.00% |
Bardstown Bourbon Company | 2,016,151 | Beverage, Food & Tobacco | Equity Investment |
1. The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at June 30, 2024. As of June 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.34%, 5.32%, 5.25%, and 5.04% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.